Monte Paschi Seeks $1.56 Billion Damages Over Derivatives

Italy's Monte dei Paschi di Siena is seeking damages of at least 1.2 billion euros ($1.56 billion) from two former executives and investment banks Nomura and Deutsche Bank over derivative trades, a judicial source with direct knowledge of the matter told Reuters.

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Banca Monte dei Paschi di Siena

The Tuscan bank, Italy's third-biggest, suffered losses of around 730 million euros ($954 million) from a number of structured finance deals carried out under former Chairman Giuseppe Mussari and former Director General Antonio Vigni.

It said last week it was seeking damages from Vigni, Mussari, Nomura and Deutsche Bank over the two costliest trades, without giving further details.

The source said the bank was seeking "at least 700 million euros" from Vigni, Mussari and Nomura for a 2009 structured deal known as Alexandria.